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Tertre Rouge, a shell company backed by former Formula One racing car champions, is to be delisted from the London Stock Exchange after failing to raise enough money for its first acquisition.
In July last year, Tertre, whose board members include David Coulthard and Mika Häkkinen, began formal marketing to raise £50m after announcing the proposed acquisition of The Run To Group, a motoring events company.
In an update on Monday, Tetra said the proposed acquisition had been closed by “mutual agreement” of all relevant parties.
“Unfortunately, despite our best efforts, we were unable to raise the necessary funds in what continues to be a difficult market environment,” said Steven Schapera, non-executive chairman and co-founder of TRA.
“While we recognize this will be a disappointment to our shareholders, it is in their best interests that we delist TRA while we explore alternative options.”